Genting Malaysia's Unit to Bid for Convention Centre Contract in New York

KUALA LUMPUR, June 4 (Bernama) -- Genting Malaysia Bhd, through its indirect wholly-owned subsidiary, Genting New York LLC, will participate in the bid process for the convention centre in New York (United States). It will do this once an announcement is made, the Group said in a filing to Bursa Malaysia here on Monday. On Jan 3 this year, Genting NY entered into a non-binding letter of intent with the New York State Urban Development Corporation - the economic development agency for New York - for the proposed development of an integrated mixed-use complex, including a convention centre, next to Aqueduct Racetrack, Queens. The relevant parties were to negotiate terms in good faith with a view of entering into a binding memorandum of understanding on or before Nov 30, 2012. However, last Friday, the State of New York announced that the parties were unable to agree on mutually acceptable terms and would bid out the convention centre proposal. Genting NY also announced on the same day that "the uncertainties and difficulties regarding the constitutional amendment, competitive landscape, tax rate and infrastructure support made any decision difficult". -- BERNAMA